Davis Polk partner Zach Zweihorn discussed the FIT 21 Act and the bill’s potential implications for the U.S. digital asset ecosystem with Cointelegraph.

Zach noted that the SEC’s recent “change of heart on Ether” and the Congressional Review Act vote on May 16 to overturn Staff Accounting Bulletin 121, which “received 60 votes in the Senate, including from prominent Democrats like Chuck Schumer” are signals that the political winds in Washington may be changing in regards to passing crypto policies.

Zach also added that it could be a good sign, too, that President Biden didn’t threaten to veto the FIT 21 legislation while saying he was willing to work with Congress on a “comprehensive and balanced regulatory framework for digital assets.”

“It may mean there’s room for negotiation to get to a workable legislative solution,” Zach said.

“FIT21 bill a ‘watershed moment’ for crypto despite CFTC-SEC friction,” Cointelegraph (June 3, 2024) 

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